Why Does Chase Hate Me??

[Anonymous]

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@Open123 wrote:

Since we're dealing Banks (not Charitable institutions), wouldn't they sort of not really like (from a profit loss perspective) anyone whom they think may not have money or make them any money?

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This is literally how most banks actually think.

You have no idea about the places I've worked at and how managers have laughed because the customer with the $400 free checking account threatened with closing his account.

[Open123]

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@Anonymous wrote:

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@Open123 wrote:

Since we're dealing Banks (not Charitable institutions), wouldn't they sort of not really like (from a profit loss perspective) anyone whom they think may not have money or make them any money?

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This is literally how most banks actually think.

You have no idea about the places I've worked at and how managers have laughed because the customer with the $400 free checking account threatened with closing his account.

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Seriously, can anyone be surprised by this?  

I'd gladly pay my unprofitable customers to go trouble and hamper my competitors.  As a business owner, there is nothing I disdain more than allocating resources to customers I know will never be profitable, especially when they become demanding.  If there's one thing I've learned over the years, the moment a "troublesome" customer hits the data points, just purge them.

It makes no sense to sort through 100 data point bad customers for the one diamond in the ruff.  Just not worth the effort when economies of scale are considered. 

[Anonymous]

Bingo, and that's why I enjoy Chase, for now... because I make their products work for me, and not the other way around.

[Anonymous]

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@Open123 wrote:

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@Anonymous wrote:

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@Open123 wrote:

Since we're dealing Banks (not Charitable institutions), wouldn't they sort of not really like (from a profit loss perspective) anyone whom they think may not have money or make them any money?

---

This is literally how most banks actually think.

You have no idea about the places I've worked at and how managers have laughed because the customer with the $400 free checking account threatened with closing his account.

---

Seriously, can anyone be surprised by this?  

I'd gladly pay my unprofitable customers to go trouble and hamper my competitors.  As a business owner, there is nothing I disdain more than allocating resources to customers I know will never be profitable, especially when they become demanding.  If there's one thing I've learned over the years, the moment a "troublesome" customer hits the data points, just purge them.

It makes no sense to sort through 100 data point bad customers for the one diamond in the ruff.  Just not worth the effort when economies of scale are considered. 

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+1 

It always seems that the least profitable want the most done for them. In my trade atleast.

[SwiftTone]

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@Anonymous wrote:

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@Open123 wrote:

Since we're dealing Banks (not Charitable institutions), wouldn't they sort of not really like (from a profit loss perspective) anyone whom they think may not have money or make them any money?

---

This is literally how most banks actually think.

You have no idea about the places I've worked at and how managers have laughed because the customer with the $400 free checking account threatened with closing his account.

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Right. I work at a bank myself. A customer that is constantly overdrawn is better than someone with a constant low balance

[Anonymous]

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@SwiftTone wrote:
Right. I work at a bank myself. A customer that is constantly overdrawn is better than someone with a constant low balance

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Crazy how that works, doesn't?

We call those "frequent fliers" here.

[android01]

I have no fondess for Chase as I was a former WAMU customer.  My WAMU card was switched to a Chase Slate (by Chase) and I PC'd it to a Sapphire a couple years after that.  Chase slashed the CL in half after the WAMU aquisition, and rate jacked me to an APR to 29.99%  I tried for four years to have the loan shark APR reduced to no avail.  I vowed that I'd never have a relationship with Chase again.  Until January of this year.  I though that maybe if I applied for another card directly with Chase (not an account that they aquired) the terms just might be different.  So I applied for the JP Morgan Select card and was approved with a nice CL at the standard rate for that card (13.24%).  When I received it and activated it, I called Chase and asked again if I could have the APR reduced on the Sapphire, and they said no, even though I was approved for a card with much lower rate!  So I transferred all but 1K of the Sapphire CL to the JP Morgan, and have a $19 recurring monthly charge on the Sapphire to keep it active. 

So, my little experiment seemed to work.  I'm thinking that although I had a Chase account (through the WAMU aquisition) I had never directly applied for anything with them.  There application computers may not have taken my Sapphire account into consideration when applying for the JP Morgan Select or, maybe their computers looked at me as a brand new customer since I hadn't apped for anything with them.  In any case, I seemed to win this round of the game, and I do like the JPM card quite a bit.

[Anonymous]

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@android01 wrote:

So, my little experiment seemed to work.  I'm thinking that although I had a Chase account (through the WAMU aquisition) I had never directly applied for anything with them.  There application computers may not have taken my Sapphire account into consideration when applying for the JP Morgan Select or, maybe their computers looked at me as a brand new customer since I hadn't apped for anything with them.  In any case, I seemed to win this round of the game, and I do like the JPM card quite a bit.

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Based on personal and past experience (Not with Chase), I can almost guarantee that is most likely what happened.

Their coding from the account was probably a code from WAMU and even though it looked and walked like a Sapphire, it quacked like a WAMU.

That Select card is a looker.

[SwiftTone]

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@Anonymous wrote:

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@SwiftTone wrote:
Right. I work at a bank myself. A customer that is constantly overdrawn is better than someone with a constant low balance

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Crazy how that works, doesn't?

We call those "frequent fliers" here.

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Actually funny story.

I walked into BoA and sat down with a banker to see if she can take care of some fees. I have 3 accounts there, semi low balances on 2 but my savings has a decently large balance in there. The fees were just regular monthly maintenance fees. I just siimply said that if they're going to keep charging me these fees, then BoA may not be the right place for me. Then she told me "we really don't care about you or your account.". I was shocked not because it may be true, but the fact that she said it so bluntly.

But she did waive 2 months worth of fees, and switched my accounts to the ebanking accounts which do not have fees if you don't go to a teller. I never go to the bank anyways, as I do everything electronically. I don't even really use the ATM, maybe once a month

[Anonymous]

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@SwiftTone wrote:

 Then she told me "we really don't care about you or your account.". I was shocked not because it may be true, but the fact that she said it so bluntly.

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Good lord, and to think I was hired at some point by this company. I'm glad I realized my soul was worth more than what they were going to pay me.